New Delhi: Inflation has fallen to its lowest-ever level in India with the figures at 0.44 per cent for the week ending March 7 as against 2.43 per cent in the previous week.
The wholesale price index figures were released by the Commerce and Industry Ministry in New Delhi. Inflation rate dropped sharply to an historic low due of a decline of one per cent in the index for primary articles and 0.8 per cent in that for fuels over the week.
With inflation nearing the zero-per cent mark, India now faces the threat of deflation.
However, the government rubbished deflation fears.
"It's not deflation. This is comparison on month to month or week to week of the previous year. Since there was higher inflation growth in those period the lower here would bring it down to zero or minus," said Commerce Secretary GK Pillai.
Among food products, gram turned cheaper by five per cent, tea and fruits and vegetables by three per cent each.
However, prices of moong and sea fish moved up by two per cent each.
In fuel, power light and lubricants category, prices of jet fuel and electricity for agriculture fell by eight per cent each, light diesel oil by seven per cent.
However, naphtha and furnace oil and electricity for domestic consumption turned expensive.
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